Biz EOD: PM launches three COVID testing labs; AI can add 2.5% to GDP; Gold hallmarking deadline extended

Prime Minister Narendra Modi launched three high throughput COVID-19 testing facilities in Noida, Mumbai and Kolkata. A report released by NASSCOM says that a unit increase in artificial intelligence (AI) intensity can add up to $67.25 billion or 2.5 per cent to the Indian Gross Domestic Product (GDP). The deadline for mandatory hallmarking of gold jewellery has been extended for more than four months, till July 1, 2021. Read for more top stories from the world of business and economy:

1) PM Modi launches three COVID testing labs in Noida, Mumbai, Kolkata

More than 5 lakh tests are being conducted in the country daily, efforts are underway to increase this capacity to 10 lakh in the coming weeks, says PM Modi.

2) AI can add 2.5% to GDP with policy push, investment: NASSCOM

With the private sector betting big on AI in India, AI startups have seen an increase in funds and also the rounds of funding. As per estimates, Indian AI market for start-ups attracted $762.5 million in 2019.

3) Ex-Gov Urjit Patel explains his early exit from RBI, differences with govt in new book

In his book, Patel is also critical of Mudra loans where government has set targets in the past for banks to give collateral-free loans up to Rs 10 lakh. Currently, the NPAs in the Mudra loans are one of the highest, even reaching 20 per cent-plus level for some PSBs.

4) 4G auction: Private telcos may not be allowed to buy equipment from Chinese vendors

The report also said that similar restrictions may be imposed on equipment related to the 5G spectrum, whenever an auction is planned.

5) Gold hallmarking deadline extended till July 1 next year

From June 1 next year, jewellers will be allowed to sell only 14, 18 and 22 carats of gold jewellery, the Consumer Affairs Minister Ram Vilas Paswan stated.